The federal government has decided to phase out the Rs 10 currency note from the country, while State Bank officials said that the designs of the new currency notes are being finalized.
A meeting of the Standing Committee on Finance was held under the chairmanship of Senator Saleem Mandviwala, where the chairman of the committee said that two years ago, the Deputy Governor had given three Rs 5,000 notes to the State Bank, one of the three notes was fake, but the State Bank officials could not catch the fake note.
He said that the State Bank officials have not returned the three Rs 5,000 notes after two years, and the committee burst into laughter at the remarks of Chairman Committee Saleem Mandviwala.
Saleem Mandviwala said that the contract for printing the new currency notes has been given to the design consultant, the State Bank has not been able to produce new currency notes for two years, the State Bank is in worse condition than the government.
State Bank officials said that the Rs 5,000 note was made 20 years ago, now they are designing a new note for the next 20 years, there is a suggestion to eliminate the Rs 10 note because it costs more.
Committee member Anusha Rehman said that why doesn’t the State Bank use AI, the State Bank has approved the design from a sub-committee of the cabinet, the way you are working, it seems that it will take more time.
They said that you will spend so many months to get a design approved by the sub-committee, if the cabinet committee makes any changes, then you will have to go to the sub-committee.
Saleem Mandviwala said that as it is, our term will end but the notes will not be made.
State Bank officials said that the cabinet committee is finalizing the designs of new currency notes and is phased out the Rs 10 note, security features are being added to the new currency notes, the cost of preparing Rs 5,000 and Rs 1,000 notes is Rs 14.
Committee Chairman Saleem Mandviwala said that at the speed at which the new note is being designed, there is a fear that our term will end and the new note will not be produced.